Paper Ventures — Full Portfolio

Co-investorsBankless VenturesHack VCL2 Iterative Ventures (L2IV)

Houston, US

JASON CALEY-BRANNIGAN(Executive Officer)BRIAN BERMAN(Executive Officer)SAMUEL GREEN(Executive Officer, Director)

Co-investorsBlockchain BuildersFlow TradersFranklin TempletonNomad CapitalPolychain CapitalSelini Capital

Camp Network is a Layer-1 blockchain for intellectual property infrastructure, providing a global IP registry that lets users own and monetize their IP and enables AI agents to train on user-owned IP.

AI & Machine LearningCrypto & Web3Data & Infrastructure

James Chi(Founder)inNirav Murthy(Founder)in

Co-investors1k(x)1kxBlockchain CapitalEterna CapitalHyperithmMarin Digital Ventures+6 more

Co-investors1k(x)

Cap is a three-sided onchain platform for USD yield, private credit and financial guarantees, headquartered in New York.

Co-investorsAlphaLab CapitalBreedCaladanFlowdeskFourth Revolution Capital (4RC)Hyperithm+5 more

Cluster provides go-to-market infrastructure for AI agents, giving them access to 50+ GTM data sources, LinkedIn and email sending tools, and the ability to run many subagents in parallel for outbound prospecting.

AdTechAI & Machine LearningData & InfrastructureSales TechNew York City, US

Co-investorsTechstarsMapleblock CapitalSBI InvestmentSkyland VenturesSumitomo Mitsui Trust Bank

Cluster is a virtual-space platform whose users join events and live performances from smartphones, PCs and VR headsets.

Co-investorsKDDI Open Innovation FundSkyland VenturesBaseline VenturesFirst Round CapitalFreestyle CapitalGV (Google Ventures)+3 more

Utexo provides Lightning Network infrastructure for payment service providers to process USDT payments with configurable fees and enable BTC-to-USDT settlement and yield.

Crypto & Web3Data & InfrastructureFintech

Co-investorsBig Brain HoldingsMaven 11

Drosera provides a security protocol built around "Traps," on-chain mechanisms designed to detect and respond to threats, aimed at developers and operators in the blockchain space.

Crypto & Web3Cybersecurity

Co-investorsArrington CapitalMetamatic GroupNxGenUDHCArrington XRP Capital

ETHGas operates a marketplace that makes Ethereum blockspace tradable, letting validators and node operators sell blockspace forward to convert uncertain MEV into contracted, recurring ETH-denominated yield.

Crypto & Web3Data & InfrastructureFintech

Co-investorsComma3 VenturesNode Capital

Forgotten Playland: Party Edition is a multiplayer party game where players customize characters called PlushKyns and compete in a variety of competitive mini-games set in themed areas.

ConsumerGaming

Co-investorsWWVenturesC2 VenturesMerit Circle

Berkeley, US

Matt Wright(Founder)

Co-investorsMagnus CapitalRayo Capital Group

Glacis Labs builds Zero Delta, a settlement network that matches institutional order flow to execute large digital asset trades and cross-border remittances with zero slippage and no prefunded float.

Crypto & Web3Enterprise SoftwareFintech

Cofounder (JPMorgan, Spruce)(Cofounder)Technical Cofounder(Technical Cofounder)

Co-investorsArrington CapitalEdessa CapitalProtagonistArrington XRP CapitalLightspeed Faction

human.tech provides a privacy-preserving identity and control layer for people, institutions, and AI, using zero-knowledge proofs and client-side cryptography built on W3C Verifiable Credentials and eIDAS 2.0 standards.

Crypto & Web3CybersecurityGovTech

Co-investorsDraper DragonUDHCNVP CapitalY Combinator

Hyve provides a verification layer that lets financial apps and agents check a counterparty's data—such as a fund's NAV, loan book, reserves, solvency, and leverage—without exposing the underlying raw data.

Crypto & Web3Data & InfrastructureFintech

Co-investorsLemniscap

Limitless is a prediction market platform where users trade on outcomes across categories including crypto, sports, finance, and politics.

Crypto & Web3Fintech

Dima Horshkov(Founder)in

Co-investorsCoinbase VenturesCollider VenturesDell Technologies CapitalGrove VenturesMeron Capital

Co-investorsBitDAOMantle Network

MonkeyTilt is a crypto-based online gambling platform offering casino games (slots, live dealer tables, game shows, and exclusive originals), a sportsbook with pre-match and live betting, and poker, all funded through cryptocurrencies.

ConsumerCrypto & Web3GamingSan Jose, CR

Sam Kiki(Founder)

Co-investorsPantera CapitalPolychain CapitalCoinFundHack VC

Naptha.ai helps businesses adopt agentic software development by addressing AI agent interaction problems that lead to poor user experience and churn.

AI & Machine LearningDeveloper ToolsEnterprise Software

Co-investorsPolymorphic Capital

Co-investorsPolymorphic Capital

Perle provides expert-driven data services for AI teams, supplying credentialed specialists to handle data collection, labeling, quality assurance, evaluation, and RLHF/RLAIF for tasks that generic crowd-worker vendors can't judge.

AI & Machine LearningData & InfrastructureEnterprise SoftwareRoboticsSan Francisco, US

Ahmed Rashad(Founder)in

Co-investorsACTAI VenturesAlphaLab CapitalBig Brain HoldingsBreedCaladanCoinFund+2 more

Polychain is an investment firm that manages actively managed portfolios of blockchain-based digital assets, focusing on returns from the cryptocurrency sector.

Crypto & Web3

Olaf Carlson-Wee(Founder & CEO)in

Co-investorsA.Capital VenturesAbstract VenturesAndreessen HorowitzBollinger Investment GroupMirana VenturesMoonhill Capital+7 more

Psy is a Layer 1 blockchain protocol built with a PARTH architecture and Proof of Useful Work consensus, aiming for high transaction throughput, fixed low fees, and local zero-knowledge proving so user data stays on-device.

AI & Machine LearningCrypto & Web3Cybersecurity

Co-investorsProtagonist

Speedstake is a Solana-based product that lets stakers sell their future staking rewards for SOL upfront without unstaking, keeping their principal delegated.

Crypto & Web3Fintech

Co-investorsCoinbase VenturesMarin Digital VenturesVariant FundSolana Labs

Qooverse is a mobile games publisher focused on fast-paced titles that can be played in minutes or seconds, including merge and PvP games featuring characters called Qoomons.

ConsumerGaming

Co-investorsAccelAllied Venture PartnersBorderless VentureManta Ray VenturesNew Enterprise Associates (NEA)Pharsalus Capital+2 more

Rakurai builds a high-throughput, low-latency validator client for web3 infrastructure, aimed at blockchain validators who want to pack denser blocks and capture higher yields.

Crypto & Web3Data & InfrastructureDeep TechDeveloper Tools

Co-investorsAnagram VenturesRobot VenturesSlow Ventures

Rena Labs provides a TEE (trusted execution environment) data exchange for confidential AI training and inference on proprietary data, with encryption, on-chain logging, and compliance features.

AI & Machine LearningCrypto & Web3Cybersecurity

Co-investorsEterna CapitalFactionLightspeed FactionMapleblock Capital

Renzo Protocol provides liquid staking and restaking infrastructure along with reserve vaults that deploy capital into delta-neutral, RWA-backed, and basis/carry trade strategies.

Crypto & Web3Fintech

Co-investorsBankless VenturesBitDAOCrypto DiscoverEdessa CapitalFigmentIOSG Ventures+5 more

DoubleZero operates a network that delivers raw market data feeds over dedicated fiber links contributed by independent operators, bypassing public internet latency for trading firms, validators, and platforms.

Crypto & Web3Data & InfrastructureFintechGeorge Town

BoardOLIVER BELL(Director)

Co-investorsCrucible CapitalDragonflyGSRMetastableMH VenturesMulticoin Capital+3 more

Scroll AI is a browser-based AI notebook that ingests documents, media and web pages and answers questions about them.

Co-investorsGMG VenturesMercuri.vc1confirmationArrington CapitalCoinbase VenturesFlyer One Ventures+4 more

Sophon is a crypto project transitioning its SOPH token from a chain-based gas and staking model to a buyback-and-burn programme funded by product revenue.

Crypto & Web3Fintech

Doreen Du(Founder)in

Co-investorsBeamMerit CircleWWVenturesMaven 11OKX VenturesSevenX Ventures

TAC is a blockchain built for Ethereum-based decentralized applications to access TON and Telegram's user base of over 1 billion users.

Crypto & Web3Developer ToolsFintech

Co-investorsHack VCSymbolic CapitalBITKRAFT VenturesThe Open Platform

Telegram is a cross-platform messaging application with encrypted, self-destructing messages, multi-device sync, and large group chats.

ConsumerMedia & EntertainmentSocial

Co-investorsAcquire FiAfford.CapitalAlphabit FundAngelONE CapitalArrington CapitalAsia GreenTech Fund+48 more

Temple Digital Group provides private and compliant financial market infrastructure for institutions, built on the Canton Network.

Crypto & Web3Data & InfrastructureFintech

Co-investorsEterna Capital

YieldPoint operates a multi-chain crypto yield platform whose first product, Unity ($UTY), is a dollar-pegged, tokenized market-neutral position that generates yield from crypto trading activity rather than price direction.

Crypto & Web3Fintech

Co-investorsBorderless VentureBlizzard the AvalancheBorderless CapitalChainview CapitalProtagonist